Financial emergencies occur unexpectedly, and you may require a fast solution. Some Americans in need of same-day funding apply for payday loans, Bad Credit Loans, no credit check loans, or personal loans. Each type of loan offers different benefits and loan terms, so how can you determine which lender is best? Slick Cash Loans is a popular financing option offering instant online loan approval. But is a Slick Cash Loan the right loan option for you?
Learn about the different loans available and how to pick the best lender for your current financial situation.
Finding the Right Personal Loan
Personal loans are a popular loan option for borrowers looking for fast cash. Personal loans generally offer flexible loan terms and decent rates. If your credit score is on the lower end, you may ask, “What credit score is needed for a personal loan?” The answer varies!
Every lender has unique credit score requirements. However, some lenders that offer personal loans may have lenient qualification requirements. In order to find the right personal loan with affordable repayment terms, it’s a good idea to make comparisons. Inquire with multiple lenders and ask questions about their approval process and terms.
Many people prefer online loans over traditional loans at a brick and mortar. Online loans follow the same process as traditional loans but have far more conveniences. For example, you can complete the approval process for an online loan right from home. Unfortunately, there are a lot of disreputable lenders online. But you can watch out for speedy cash scams once you know the potential warning signs:
- Watch out for guaranteed approval to any applicant.
- Lack of contact information is a huge red flag for scammers.
- Beware of lenders that ask for upfront fees through roundabout payment methods.
- Offers that sound too good to be true usually are.
- A lender rushes you to complete the application process.
Knowing how to spot an online scam can help you weed through your options to find the right personal loan for your current financial situation.
Loans Like Slick Cash Loans: Everything Need To Know
Slick Cash Loans provide various financial products for interested borrowers. Before choosing a loan, It’s critical for you to know the advantages and disadvantages of these various loan options. Knowing how different loans work can help you make a confident financial decision.
Payday Loans
Payday loans, also known as cash advances, are short-term loans that provide small dollar amounts quickly. A payday loan is a popular option because almost anyone can qualify, and you can get money fast to pay bills, rent, and more.
However, you should know that financial experts often advise borrowers to stay away from this predatory loan option. A payday loan is a single-payment loan, which means borrowers must repay it in one lump sum. Payday loans have a strict two-week repayment period, which may not offer sufficient time for repayment. Delinquent loans may renew automatically, which increases the total loan cost and makes repayment even more challenging.
Bad Credit Loans
Unfortunately, poor credit history can make it challenging to qualify for funding. Every lender has a minimum credit score requirement, and low-credit borrowers may struggle to get approval. Bad credit loans are a loan option that can provide fast financial relief to individuals with bad credit history. These loans typically have lenient qualification requirements so more people can borrow money during a financial emergency.
A bad credit score loan can provide money quickly, but this loan option has drawbacks. Since the lending risk is high, you may get extremely high-interest rates. Financial institutions charge high rates to decrease the risk of non-payment. A high-interest rate increases the monthly payment amount, which can make the repayment process difficult. Bad credit loans can be convenient, but the total cost of borrowing money may not be worth it.
Personal Loans
A personal loan is an installment loan that provides a lump sum for personal emergency expenses. Personal loans are great payday alternative loans. Eligible borrowers can potentially get more money in their bank account the same day they apply.
The loan amount range differs by lender, but eligible borrowers could get up to a few thousand dollars. The repayment length also varies, extending from a few months to a few years. Borrowers that take out personal loans use the money to pay medical bills, child education expenses, rent, and more. The interest rates will depend on the lender and your finances. You can find decent rates by comparing lenders and loan offers.
No Credit Check Loans
A credit check is a process that pulls a consumer’s credit information for loan approval and various identifying processes. There are soft and hard credit checks. Unlike hard credit checks, soft credit checks do not negatively affect credit scores. Hard inquiries on a credit report remain for up to two years from the date of the credit check.
A no credit check loan does not require a hard pull, which benefits low-credit borrowers working on improving their credit scores. A no credit check loan could provide fast funding to individuals with bad credit, but there is a high cost. These loans typically have excessively high-interest rates, resulting in unaffordable monthly payments.
Loans Like Slick Cash Loans: What You Need To Know
Slick Cash Loans helps connect individuals to loan options. Slick Cash Loans provides financial assistance to people who cannot qualify for a traditional bank loan. Applicants can apply for an online loan.
The repayment terms and interest rates for a loan through Slick Cash Loans depend on various factors, such as the lender they connect you with, loan type, and the state you reside in. For example, the annual percentage rate (APR) for a 14-day payday loan worth $100 in Illinois is 403%.
How Do They Work?
Slick Cash Loans is not a direct lender, which means they do not provide loans. The company offers a matching service that connects interested borrowers with reputable direct lenders and third parties. Slick Cash Loans does not charge a fee for providing this service. Essentially, they help prospective borrowers find an online lender willing to work with them. Slick Cash Loans state that borrowers can get online loans worth up to $5,000.
If you are able to obtain a loan offer, you will work directly with that online lender. The direct lender is your primary contact source if you have any questions or concerns about your loan. According to Slick Cash Loans, borrowers receive loan funds from a group of individuals rather than from a corporate bank.
How Will the Application Process Work?
There is a three-step process to getting a loan with the help of Slick Cash Loans. However, keep in mind that the approval process may involve more steps if the lender requires additional information.
The application process generally goes like this:
- Step 1: Apply online using the application form.
- Step 2: Get a quick approval decision after submitting your application form.
- Step 3: Get cash in your bank account as quickly as the next day.
The online application form requires basic personal information, such as your name, date of birth, and Social Security number. In addition, you will need to provide a desired loan amount. The loan amount is not how much you will get but how much you want. When borrowing money, it’s a good idea only to borrow what you need. Taking out more will result in additional interest fees that increase the cost of the loan.
Who Are Slick Cash Loans For?
A Slick Cash Loan is a loan option for borrowers who want a fast and easy loan. Many borrowers that use Slick Cash Loans to get money have a poor credit rating. Consumers with low credit often face challenges getting approval for traditional bank or credit union loans.
Individuals with bad credit scores tend to have fewer financial opportunities available to them. Credit scores serve as a quick assessment of someone’s reliability as a borrower. Lenders are often wary of working with low-credit borrowers because the credit risk is higher. In order to approve someone, the lender must feel confident the borrower will repay the loan on time.
Slick Cash Loans works with direct lenders willing to provide funding to people with less-than-perfect credit. These lenders understand the credit risk, and unfortunately, that means they may take precautions. Lenders mitigate risk by charging very high-interest rates and offering less favorable repayment terms. But don’t think you have to settle for bad credit loans, as alternative options are available.
CreditNinja: How Does It Compare?
CreditNinja is a reputable online lender that offers competitive personal loans. Personal loans are great payday alternative loans because they can provide more money and longer repayment terms. The qualification requirements are flexible with CreditNinja, so individuals with less than perfect credit history could be eligible for fast funding.
How Does CreditNinja Work?
CreditNinja provides personal installment loans to eligible borrowers that need money for various emergencies. An installment loan gives borrowers a lump sum based on their financial needs and credit history.
The money is paid back every month on a specific date for a predetermined length of time. Personal loan terms can extend from a few months to a few years. Sometimes, a longer repayment length will result in lower monthly payments. However, borrowers may end up paying more interest fees. Before applying for a personal loan, consider how much you can afford to pay monthly and how much time you want to pay off the borrowed amount.
Keep in mind that, unlike other lenders, CreditNinja does not charge prepayment penalties. A prepayment penalty fee can occur with early repayment. Lenders make money through interest fees, so repaying early means less capital for financial institutions, hence the fees. Repaying a loan before the due date helps you save money on interest charges. However, at CreditNinja, borrowers can repay their loan in full at any time without penalty.
Who Should Pick CreditNinja?
CreditNinja offers loan options for individuals that need emergency financial assistance to deal with bills, debt repayment, and unexpected expenses. Approved applicants could get money in their checking account within only one to two business days depending on when they’re approved.
The eligibility requirements are flexible with CreditNinja, as people from various financial backgrounds may qualify. When you submit a loan application, an agent will consider more than your credit score. Other lenders may automatically disqualify an applicant if their credit score does not meet a specific credit score requirement. For example, many lenders refuse to work with consumers whoseFICO scores are less than 670 points.
But CreditNinja considers other qualifying factors aside from just your credit score. We take into account your payment history, income, existing debt, and more. You are more than your credit score. You should get approval decisions based on your entire credit history, not just a three-digit number.
How Will the Loan Process Work?
CreditNinja has a three-step approval process for quick and easy approval. You will need to provide basic information on the application form, such as your name, date of birth, SSN, etc. If pre-approved, you can see your personalized loan amount, interest rate, and repayment terms.
The CreditNinja application process involves these three steps:
- Apply Online: Use the online application form to submit basic personal information.
- Get Pre-Approved: Find out if you pre-qualify for a personal loan with CreditNinja.
- Get Your Money: Applicants could get money directly deposited within one business day after signing the loan agreement.*
CreditNinja offers financial support to eligible applicants that need funding. Inquire today to see if you qualify for a personalized installment loan. An excellent credit score is not necessary, so individuals with less-than-perfect credit may qualify. You could get a flexible repayment plan that has manageable installment payments. When you get a repayment plan that works with your finances, you can save more and work on building a stronger credit rating.
*Applications approved before 10:30 a.m. CT Monday-Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case the loan, if approved, will be funded the business day after such additional verification is completed.
References:
Payday Loans, Bad Credit Installment Loans│Slick Cash Loan
How It Works│Slick Cash Loan
Rates and Fees by State│Slick Cash Loan